The bottommost data from the Reserve Bank of India has shown that there has been a strong increase in people’s shopping during the festive season. Spending through credit cards touched new highs in October and reached a record ₹1.78 trillion.
Despite prioritizing savings in September, festive shopping has taken a megahit this time and has had a direct impact on credit card spend. Spending through credit cards in October increased by 38.3 time- on- time and 25.4 month- on- month.
Strong purchases one- commerce platforms also contributed significantly to this growth. Meanwhile, spending at point- of- trade stations has also seen an increase, which could be a positive sign in profitable exertion. SBI credit cards have seen the topmost increase in total spend at 42, while ICICI Bank and Axis Bank have seen around 35 increase in spend on their credit cards.
HDFC Bank lagged behind in this, but it also registered a growth of 17. The bottommost data from the Reserve Bank of India has shown that the festive season has seen people ringing up credit cards and credit card spending has reached a record ₹1.78 trillion in October.
Strong shopping on e-commerce platforms
In September, people gave priority to savings before festive season shopping, but the strong shopping in October broke all records. In this pomp- filled month, total spending through credit cards has increased by38.3 time- on- time and25.4 month- on- month.
Shopping one- commerce platforms has contributed significantly to this rising expenditure, leading to a 30 increase in total expenditure in October. This purchase says that people are truly interested in online shopping.
This time, there has been the topmost increase in spending on SBI credit cards, which is 42. After this, ICICI Bank and Axis Bank have also seen an increase of about 35 on their credit cards. Indeed however HDFC Bank has lagged a bit, it has also gained 17.
Looking at this adding credit card expenditure, a senior banker said,’ This time Axis Bank’s figures are much better, because Citi Card is also a part of the total card expenditure.’ Adding further, he said,’ This time the shopping has been maximum in electronics, consumer durables, and attire corridor, while trip has reduced.
Latest data from the Reserve Bank of India
According to the new report of the Reserve Bank of India, this festive season has shown like a romantic tale, in which people have celebrated a beautiful confluence of happiness and shopping. A senior banker gave this information and said,’ This time the figures of Axis Bank are much better because Citi Card is also a part of the total card spend.’ He added, ultimate of the buying took place in the electronics, consumer durables and attire corridor, while trip did not.
Important of this time has come as a surprise to us, he added, trade volumes one- commerce platforms exceeded those at point- of- trade stations in October. We believe the impact that was seen in October on payment gateways will be the same for POS in November, said Mohit- author of fintech nascency Kiwi.
The total number of cards has also increased, with ICICI Bank adding 359 lakh, HDFC Bank3.56 lakh, Axis Bank1.47 lakh and SBI 1.93 lakh. Unecommerce, one of India’s leadinge- commerce enabled Software as-a-Service( SaaS) platforms, has also reported a 43 growth in deals for this time’s festive season.
During the festive season, 10 merchandisers successfully reused further than one million order particulars, while further than 100 merchandisers reused further than 1 lakh order particulars.
